By Canadian Press

With the death of Queen Elizabeth II, what happens to our bills and coins?

Sep 8, 2022 | 1:38 PM

Canadians are used to seeing Queen Elizabeth II on our money.

But this could change following the death of the longest-serving British monarch and Canadian head of state.

However, the Bank of Canada, which produces Canada’s paper bills, says changes likely won’t be seen immediately. 

It says the current $20 bank note, which features the Queen, is intended to circulate for years to come.

The central bank says there is no legislative requirement to change the design within a prescribed period when the monarch changes.

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It adds that the Minister of Finance is responsible for approving any new bank note, including the portrait subject.

The Queen appeared on the Bank of Canada’s first series of bank notes in 1935 as a child.

The Royal Canadian Mint, which manufactures and distributes Canada’s coins, says the government has exclusive jurisdiction over the design.

It says it will abide by the decision and timetable of the government on changing coins.

Mint spokesperson Alex Reeves says the legal tender status of coins currently in circulation does not change because a new monarch ascends the throne. 

Although it is tradition to feature the reigning monarch on Canadian currency, there are no rules requiring this.

This report by The Canadian Press was first published Sept. 8, 2022.

The Canadian Press